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COLUMBUS/OHIO: The state of Ohio is suing oil and gas company BP for more than $33 million, alleging it double dipped by taking state funds and money from insurers to clean up accidental leaks from underground storage tanks at hundreds of its gas stations around the state. The state's attorney general and the Ohio Petroleum Underground Storage Tank Release Compensation Board filed the lawsuit Monday. The board administers a fund used as a last resort when tank owners lack coverage or don't accept insurance money.

LONDON: Oil giant BP reported a loss Tuesday of $4.4 billion for the fourth quarter of 2014, as oil prices plunged. The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013. After stripping out the effect of the drop in oil prices, BP reported a loss of $969 million for the period, compared with a gain of $1.5 billion last year.

NEW DELHI: BP Plc has written down the value of its investment in eastern offshore KG-D6 block by $830 rpt $830 million, following lower-than-expected gas price hike. Announcing its fourth quarter and full 2014 results, BP said: "Third quarter, fourth quarter and full year 2014 include write-offs of $375 million, $20 million and USD 395 million respectively relating to block KG D6 in India. " "In addition, impairment charges of $395 million, $20 million and $415 million for the same periods were also recorded in relation to this block," it said.

NEW DELHI: Reliance Industries and its partner BP plc of UK will invest about Rs 6,000 crore by 2016 to help sustain and improve recovery from the two main gas fields in the eastern offshore KG-D6 block. Also, the two firms are working to develop 3-4 Trillion cubic feet of gas discoveries off the east coast, BP India head Sashi Mukundan said at the India Energy Congress here today. He said the focus area was enhanced oil recovery as even a 1 per cent enhancement can add almost 8 per cent to the existing proved reserves of India - about 450 million barrels of additional reserves.

By Clifford Krauss HOUSTON: The British oil giant BP announced Monday that it was freezing the wages of its 80,000 workers, another sign that oil companies are being forced to cut back in the face of collapsing oil prices. With prices falling by more than 50 per cent since June, companies like Halliburton and Schlumberger have announced thousands of job cuts. In January, BP said it would probably cut 300 jobs in the North Sea, where exploration and production are expensive.

In a chat with ET Now, BP Singh, ED & CIO-Eq, Pramerica MF, shares his views on Defence sector . ET Now: Defence and railways, how positive are you on the prospects of how some of these companies may do? BP Singh: For Railways, we are very positive because it is something which can very easily percolate into the companies which are in India. As far as defence is concerned, it is a slightly more longish story than what is generally perceived because most of the companies will end up getting the work which is at the low end. Defence needs technology which is at the highest end and the Indian Army or Indian Armed Forces are buying the highest end of the technology when they are going ahead with.

In a chat with ET Now, BP Singh, ED & CIO - Eq, Pramerica MF, shares his views on commodities? ET Now: What is your view on commodities right now? BP Singh: We are hugely underweight on commodities and we do not see commodity prices bouncing back in a hurry. Commodities are something which must be used, every rally must be use an opportunity to exit rather than trying to participate in the rally.

In a chat with ET Now, BP Singh, ED & CIO - Eq, Pramerica MF, shares his views IT sector. ET Now: What is the sense that you are getting out IT? BP Singh: IT is now getting into a mature phase, in terms of the PE expansion is concerned. So IT, pharmaceutical and FMCG are the sectors which are going to use funds for the other sectors. The rupee from here is no more going to depreciate. On the contrary, rupee is actually going to get into the appreciation mode and that something will obviously will be a negative for the IT sector.

MUMBAI: Reliance Industries (RIL), along with partners BP and Hardy Oil, has surrendered its discovered gas block KG-D3 in the Krishna-Godavari basin due to operational restrictions placed by the defence ministry. The basin is estimated to contain 500 billion cubic feet of in-place gas reserves. Hardy Oil, the consortium partner, cited the uncertainty over long-term natural gas pricing in India as one of the other reasons for the decision as well as the government-imposed gas price being lower than expected.

In a chat with ET Now, BP Singh , Executive Director & CIO-Equities, Pramerica Mutual Fund, shares his macroeconomic outlook. Excerpts: ET Now: The government finally managed to table the goods and services tax (GST) Bill in Lok Sabha. Do you believe that the market is going to cheer this move because, after all, it is a progress on the reform front? BP Singh: Absolutely. As far as the government is concerned, you have to acknowledge that they are taking steps and it is just that some bills are pending in Rajya Sabha at this point in time.